America’s Black Millionaires: Food for Thought

Today there are 35,000 Black Millionaires in the U.S. Let me be clear, that’s only one tenth of one percent of the populations. 35,000 is the current number when we should produce minimum 300,000. But it will never occur without entrepreneurial driven enterprises versus sole proprietorships, all while tapering our out of control spending habits.

Remember each year $1.2 trillion runs through our hands without a thing to show for it. No other ethnic group tolerates such nonsense. The number one key is knowledge. Black America, show the world that you’ve altered your mindset. There is no reason why The Wealth Choice: Success Secrets of Black Millionaires shouldn’t sell minimum one million copies in its first year. You doubt me? Look at Tom Stanley “The Millionaire Next Door;” check out Jim Collins “Good to Great;” and dare I mention Robert Kiyosaki “Rich Dad Poor Dad?” When you talk wealth and personal finance every other ethnic group sits up and takes notice. And please be mindful that the current consumer/employee mindset found in the average African American is generally missing abroad. As of this writing four African countries are among the fastest growing economies in the world–similar to China, Japan, and Malaysia.

As one millionaire shared during a focus group, “Average folks make excuses while the wealthy make money.”

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15 comments

I agree. $1.2 trillion goes through black folks hands like water in the ocean with little or nothing to show for it. No other group would tolerate that foolishness, they would not. That’s cause they keep the bulk of their money in their communities. We the only ones running like our asses are on fire to spend with everyone else but each other. Only 0.06 cents of every dollar we spend stays in our community. 66 billion out of 1.2 trillion, that’s ridiculous. This is why I support as much black owned businesses as I can. I’ve been going to black mechanics for everything from oil changes to body work to mechanics of the car. I often go to a black owned car wash. I eat at black owned restaurants as much as I can. I spend outside too, but I also support my own as much as I can. We spend 94 cents of every dollar with folks that don’t even like us. Black folks spend they money with folks who disrespect them to the fullest. That’s cause we have internalized white supremacy and racism and believe our own negative hype. Also we are a disciplined people. Many of us have low self esteem and poor impulse control. A proud people exercise modesty and discipline over their own lives. 7 out of 10 babies in the black community are born to young women out of wedlock. That’s because the people are undisciplined and have no self restraint and its the absence of fathers in the home that are to blame for this. Its all rooted in the internalization of white supremacy and racism. Cause it has caused many of us to hate ourselves, believe we are powerless, and therefore allow our moral and spiritual fiber as a people to erode and plunge into self destructive behavior which has created all the madness we experience today. We must change our mindset and elevate our consciousness as a people and this will change the things we do. Elevate the Mind and Increase the Peace.

I agree, my fiancee and I have a small business. We often battle with our own race wanting discounts and favors from us and go to other business and accept abuse and accept whatever prices they set. They want us to change our prices and menu to accomodate them. I do support other black business as much as possible. I recommend others all the time to support our people. Our race has a struggle trusting each other.

Black people in America have to realize that they are well ‘Black people in America’. In other words black people have to go back to their roots in Africa in the spiritual sense. One can only realize themselves when they realize their source of where they come from. That is how we humans are like it or not. That way they will realize their true place this world, which will help erase the horrific legacy of recent centuries’ history.

The Jews are looked down on too. They don’t carry on like the blacks. You need to reel in those in your communities. Education and moderation. Quit trying to be white! Be who you be in a positive way. Go back to your spiritual roots if you don’t like Christianity. Islam is not it. There was a large Black Jewish following before Christ.

You are absolutely right about the destruction and dismantling of the family in America this is all a part of the system internal discrimination of institutions in America that discard the family values of a Christian nation this country was founded on Christian values and that completeness of family and after all the presidents that have come through this nation it would have to be a black president who would sign off on Or to say by putting that last nail in the coffin for the definition of family by signing a bill that redefines family no longer making Father’s head of the household, but by approving some alternative for family other than the design of God thanks Mr. president for making America one of the worst examples for all the world to see. America became great for one reason and one reason only because and by the grace of God and the founding fathers who had faith in the Lord Jesus Christ this is why America has been so blessed and a superpower from the beginning and now has been all but thrown away in this country is no longer a great nation that it used to be, fathers raise up your children teach them how to operate businesses teach them how to invest teach them to invest in people, not so much enterprise, teach him that The true nature and love of Christ in all these other things will be added onto you .

Dr dennis kimbro, you are an embodiment of hope, not only to black american but to the entire world. We need the type of you to stay a little longer on earth than normal and in very sound health so that your inspiration will benefit as many people as possible. So shall it be, by the special grace of God ameen.

Often times when I want to support black businesses, I have a hard time. The businesses tend to not be as professional, or offer great customer service, or guarantee great service. For instance a restaurant, the host or person taking the order is usually rude, impatient and reluctant to answering questions, or just not knowledgable on the product. It really speaks volumes about the kinds of services were providing. I think it may be one of the reasons our businesses dont thrive like others. And I understand that sometimes our businesses aren’t as asthetically appealling or may lack other important factors due to funding, but that should never be an excuse for customer service and knowledge of what is being sold.

Merely buying from a black retailer who has bought from a Asian wholesaler for a cost much higher than what the Asian sells to their own kin is not supporting a black business. Black retailers prices are high because their cost is higher. Asians are not fools they will never give you family prices. Until Blacks and black African-Americans are will to form cartels and begin manufacturing and producing in a African country they will always have this discussion. Blacks are not fools enough to pay a black retailer more for what they can get the same from an Asian for cheaper price. Stop playing and do the work.

I think all of you are right, and thanks Pianki for shedding some honest truths right there. I’m African, from one of the fastest developing nations, Kenya.

Black folks are more into competing a brother instead of applauding them. Listen to “hip hop cash kings” claim of their superiority over their fellow blacks, from example. But I think this runs deeper than the slavery era and colonialism (in Africa).

Much earlier beyond any white folk ever “discovered” River Nile or MT Kilimanjaro in then Tanganyika, African American ancestors were already fighting amongst themselves for land and other such resources. So trust me when I say that all these suspicion amongst ourselves has always been there, whites take! advantage of that.

The way forward is to reprogram our mentality as a community to better support each other instead of compete each other. I know of tourist resorts and restaurants that will openly prefer to serce a white folk who’s arrive after you, their fellow black person. Notice all the awful stuff being broke will make you either do or go through. Be willing to enrich your own and the enriched to remember to pull up a few along into Club Millionaires. Not like it would be mine but I’d be proud of you as a fellow black, atleast. No racism.

Blacks have been shamed into thinking that if they support their own they are being racist. It is hard for black americans to make riches because they are holding blacks to higher standards. Asians are rude to blacks all the time, but that doesn’t stop them from buying. Also because black americans are spread out, there is no black american equivalent of china town, where blacks own multistory (like 12 story) buildings next to black owned houses and black owned business cartels. Blacks need to build black and buy black, even if it is more expensive and they need to move around other black people. You cannot function even in a city like oakland where blacks are 33% because the asians outnumber you and lock you out.

Black people do support black owned businesses but its not enough. We need group economics. Group Economics is more than patronizing your local soul food spot. It pooling money and resources to make it happen.

Where did you get that figure of 35,000? According to Statista, 8% of millionaires in the US are black. That comes to 880,000. Granted, that’s a lower percentage than the general population who are black (13.2%) but it’s still a great deal more than you’ve stated.

Blacks having 70% out of wedlock birthrates is not their fault neither is the fact that they are not more millionaires…..Black People Have NO MONEY…….Stop using these weak excuses for cowardice behavior and confront the real issue

I really enjoy reading the post because I believe we are starting to increase awareness about the reality of our people to include myself. I started to listen to Les Brown and EricThomas as well as educate my self on staying focused and become disciplined in my own life first. I am a sole proprietor in trucking with a focus to expand to 50 trucks, recently a friend and I have been on a quest to change the mindset of as many of our brothers and sisters as we can to expect more of themselves and do more . We always say thoughts without any action results in procrastination. We are focusing on getting 20 black men and women to pledge a change and help start a black owned trucking company that will be as large as we believe it to be. We don’t have any large black owned trucking companies that provide great service. I have been trucking for 17 yrs and a sole proprietor for 10 yrs. it’s time to expand and build an empire with my brothers and sisters because we are stronger together than we think. I will help produce a few millionaires. We need to eliminate words from our vocabulary such as try, wish, and if and start saying I will and I can.